Emily's list: Father's Day edition
Updated: 2011-06-30 20:27:52
Father's Day is on Sunday, and it has me thinking about how I owe so much in my life to my dad. I could devote a whole post about that, but instead, I will just stick with saying I am thankful that he has passed down many important money lessons to me throughout my life. Did your dad or other fatherly figure pass along any lasting money lessons to you? Read on for more great money lessons below in some of my favorite personal finance blog posts from the past week, several of which talk about passing money lessons on to kids.
: Living with credit 385 New , interesting products 91 Research , regulation , industry reports 217 Rewards 35 Protecting yourself 144 The fine print 61 Credit card miscellany 356 Add category 1 Celebrity Money Watch 2 Print Email Emily's list : Warning labels edition Emily Starbuck Gerson June 24, 2011 Research , regulation , industry reports This week , the Food and Drug Administration revealed the new graphic warning labels that will be slapped on cigarettes by next year . These nine grisly images depict things such as a man smoking through a tracheotomy and a corpse of someone who smoked . Other images include a smoker's rotting teeth , smoke surrounding a baby and lungs charred by . cigarettes Everyone knows cigarettes are bad for you , right Tobacco kills around 443,000 people in the
Just when I thought I knew everything about my credit card, I went to Norway.
It's already been a year of extreme weather with raging wildfires and massive flooding, but Mother Nature just unleashed an army of tornadoes.
Last August, I blogged about hurricane season and offered some advice on emergency preparedness. I just read in Newsweek that due to climate change, "freak storms are the new normal." With the recent spate of tornadoes and upcoming hurricane season (which will be nasty, according to Time), I wanted to distribute the information again. Please read on for it and more great personal finance and credit tips in my weekly roundup.
I never thought that learning what saute meant and how to do it would keep both me and my wallet from going hungry.
When paying my most recent credit card bills, I happily discovered I saved $30 in the past month alone by preparing a majority of meals at home rather than eating out. At this rate, I stand to save $360 per year if I keep clear of restaurants and continue to cook.
Maybe because of the $100,000 albatross (law school loans) I am about to hang from my neck, in the past month I've decided to try out thriftiness. And you know, I'm kind of liking it. Here's how it's going.
Living with credit 385 New , interesting products 91 Research , regulation , industry reports 217 Rewards 35 Protecting yourself 143 The fine print 61 Credit card miscellany 356 Add category 1 Celebrity Money Watch 2 Print Email Obama gets personal with personal finance journalists Dan Ray June 9, 2011 Research , regulation , industry reports Facing 25 online personal finance journalists , President Obama got personal , giving a glimpse into his own financial history including the money advice his grandmother gave him and why the 125,000 in student loans he and his wife Michelle racked up was a good . investment The president was an unscheduled drop-in guest at the Personal Finance Online Summit , an event held Wednesday at the White House . During the event , high-level administration
You know that saying about the cobbler's family going without shoes? The same goes for the personal finance writer who never follows her own advice. Just last week, I put the finishing touches on an article for CreditCards.com about avoiding credit card mistakes while you're traveling. All the experts agreed: Since credit cards do occasionally get stolen, write down all your card numbers, along with issuer phone numbers, and store them in a safe place. "Ooh, smart advice!" I remember thinking. That's why I was pretty quick to recognize the irony when that very afternoon, my purse, including my wallet full of credit cards, was stolen from my car at the neighborhood pool. And no, I didn't have my credit card numbers written down. 
One of my favorite sources for financial news, CNN Money, recently featured a piece on America's "Lost Decade." It referenced Japan's "Lost Decade" -- a period of similar economic crisis that began in the 1990s when their own real estate bubble burst. The author, Chris Isidore, says that private household debt in America is actually a much bigger problem than the government's monstrous debt. With high unemployment and slow growth still plaguing us, it's likely that things will continue to be this way for another six or seven years. We are "in for a long and painful adjustment period," he says.
Learn more about achieving personal finance success with the following roundup of my favorite personal finance blog posts from the past week.
Like many personal finance writers and editors, I enjoy reading the latest studies on consumer spending to see if my behavior correlates with recent research.
According to a monthly survey compiled by Sentient Decision Science Inc., called the First Command Financial Behaviors Index, I'm right there with middle-class Americans who are simultaneously paying down old debt while taking on new loans.
, . Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Qualified for a Mortgage , Rejected for a Credit Card . Huh by Farnoosh Torabi on 06 30 2011 I recently heard about a consumer who , nine years after declaring bankruptcy , qualified for a mortgage . Apparently her financial life was back on track , but when she later applied for a credit card , she was rejected . The consumer guessed it had to do with her bankruptcy record , since some bankruptcies stay on your credit report for up to 10 years . But then why would a bank approve her for a mortgage . Hmmm I tapped Tom Quinn , our resident credit expert for some additional hypotheses . We don’t know much about this woman’s credit history , other than her bankruptcy in 2002, so a number of factors could have been at
: Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Q A : Can a Credit Card or Car Loan Rebuild My Credit by Tom Quinn on 06 29 2011 : Question I have bad credit and am considering opening a credit card or car loan to rebuild my credit . Would it be better for me if I got a credit card—even though I don’t want one , or should I get a car loan instead Ultimately , I want to clean up my credit in order to qualify and buy a home . 160 My aim is to improve my credit but I’m worried I’ll make it worse . Help Desperately Seeking A Mortgage DSAM Dear , DSAM There is no single best approach for rebuilding credit because it will be unique to each person’s situation . 160 A key factor to understand is that the process of rebuilding credit will take time , especially if
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com What the Debit Card Interchange Rules Mean For Consumers by Gerri Detweiler on 06 29 2011 Today the Federal Reserve Board announced final rules that will limit debit card swipe fees , as mandated by the Durbin Amendment” under the Dodd-Frank Wall Street Reform and Consumer Protection Act . It backed away from a proposal to cap debit interchange fees at 12 cents per transaction , and instead the Board voted on a final proposal that includes a cap of 21 cents per transaction , plus 5 basis points per transaction for fraud prevention costs . Financial institutions with 10 billion or less in assets , governmental benefit cards , and certain prepaid cards are exempt . The cap is better than many banks had hoped , though
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com FDIC’s Bair Blasts Banks’ Short-Sightedness by Christopher Maag on 06 29 2011 After a five-year term that included the biggest economic disaster in 80 years , outgoing FDIC chairwoman Sheila Bair gave a going-away speech Friday night in which she blasted leaders of the nation’s largest banks and members of Congress for focusing too much on short-term economic and political gain , even as the long-term problems that caused the recession remain . unaddressed And she used her exit interview as an opportunity to argue for the enactment of bank regulations she believes will spare consumers from paying trillions of dollars in future bank . bailouts Some of the rhetoric in the financial reform debate has been either
, Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Poof To Make Mortgage Lawsuits Go Away , BofA Kisses 20 Billion Goodbye by Christopher Maag on 06 29 2011 Bank of America announced Wednesday that it will set aside 14 billion to repay investors who bought troubled mortgage-backed securities during the housing boom . Revamping its mortgage business will cost the bank another 6 . billion The massive settlement is the biggest penalty paid yet by a bank in the wake of the housing collapse . The investments were originally sold by Countrywide Financial , the subprime mortgage lender that was bought up by Bank of America in 2008. The settlement ends most—but not all—lawsuits by investors , who say that Countrywide misled them about the quality of the securities they were
: Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Study : Still Steps to Take For Credit Card Security by Credit.com on 06 29 2011 Most credit card lenders in the U.S . do a relatively good job of resolving fraudulent account activity once it happens , but do not do enough to prevent this type of crime from occurring in the first place , according to a new study released by Javelin Strategy and Research In all , credit card fraud costs lenders about 37 . billion : Resource 12 Tips for Protecting Your Identity The study also showed that the best way for banks to mitigate costs related to credit card fraud is to catch it before it takes place , not after , the report said . Further , companies did a poorer job of preventing fraud in 2010 than the year . before We
: Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Feds : Borrowing Got a Little Easier This Year by Christopher Maag on 06 29 2011 Getting a new credit card , car loan or small business loan got a bit easier over the past year , according to a new study by the Office of the Comptroller of the Currency . That’s good news for people who got the loans , and may be an encouraging sign that bankers believe the overall economy is still headed for a . rebound But the trend may actually be worrisome , the comptroller found , since risky lending , especially in real estate , is what caused the recent . recession We need to remember that overly liberal underwriting standards contributed to extremely high credit losses , 8221 Dave Wilson , the comptroller’s chief national
, Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com If Your Teen is an Online Gamer , Watch Your Credit Card Account by Beverly Blair Harzog on 06 29 2011 No doubt , Sony’s PlayStation Network breach has left many wondering how safe their credit card information is when it’s stored online . My 15-year-old son plays Xbox LIVE , which so far , seems safe . But I’m sure parents of kids who played on the PlayStation Network thought their data was safe , . too So I decided to take a 3-hour tour of Xbox LIVE with my son . Who better to show me all the millions of opportunities where he can spend my money He’s been on Xbox LIVE for two years and I was stunned by how much more is offered since I’d last taken a good look at the . site I went through all the terms , and let me
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Posts Credit disasters by Emily Peters on 10 07 2005 A lot of attention has been given recently to the financial hardships that Katrina hurricane victims are experiencing in the 0 comments by Emily Peters on 10 07 2005 Fee-free : the next credit trend by Emily Peters on 10 06 2005 First there were rewards programs then there were 0 introductory rates now there may be fee-free credit cards . Credit card companies are 0 comments by Emily Peters on 10 06 2005 The magic balance by Emily Peters on 10 06 2005 Attention all credit card users : Did you know that your credit card balance could be harming your credit score When 0 comments by Emily Peters on 10 06 2005 Big Changes in CA Law by Emily Peters on 10 05 2005 A new
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com D-Day for Debit Cards That’s D as in Durbin” by Christopher Maag on 06 28 2011 For people with debit cards , Wednesday is The Big Day . Finally , after a year-long , multi-million-dollar fight between big banks and big retailers , the Federal Reserve will announce its new rules for debit card swipe . fees It could be the end of the debit card as we know . it This will be a game changer , 8221 says Gerri Detweiler , Credit.com’s consumer credit expert . Depending on what comes out , it could make a major difference for what our debit cards look like in the future . 8221 Every time you buy something with a debit card , the bank that issued the card gets a swipe fee , known as an interchange fee” in bank-ese . Right now 
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com More Credit Card Offers Coming from Lenders by Credit.com on 06 28 2011 New statistics from Mintel Comperemedia revealed that the number of offers for new credit card accounts mailed by the nation’s top lenders ballooned to more than 1.4 billion , an increase of 69 percent over the 826 million sent out in the same quarter last year , according to the Wall Street Journal Nearly two-thirds of those offers were sent to households with an annual income of more than 75,000, and 59 percent of all offers included some kind of . incentive Resource : Dusting Off Your Credit Cards 5 Things You Absolutely Must Do As people think about risk , credit cards are an area where they feel comfortable building up their portfolios , 8221
How Many Balances Can You Transfer To One Credit Card by Jennifer Willson on June 28, 2011 Say you have 15 credit cards all carrying a balance . To make life easier , you’d like to consolidate , but paying off all those 15 cards at once isn’t likely to happen any time soon . So you wonder : Could I transfer all those balances over to one card with a great rate Isn’t there some kind of limit to that madness Well , theoretically , you can make as many transfers to one card as you want , as long as you stay within your credit limit . But most credit cards are going to require you to apply for the transfer or make a transfer request . They can technically say no at any time , or decide not to offer you the fabulous rate you got on the last balance transfer Capital One , for example , would
Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit.com and Jean Chatzky Announce The Debt Diet Participants by Jean Chatzky on 06 27 2011 As we kick off The Debt Diet—and introduce you to our five participants—first , let me say thank you to everyone who applied to be a part of this project . I know that sharing information on your financial lives , and your financial struggles , isn’t easy and I appreciate the trust and faith you have in me . I wish I could have chosen every one of you , but in the end I picked the five participants for a few reasons : I was looking for variety in the situations , readiness for change in the applications because if you’re not ready , this program is not going to work and—quite honestly—people I felt The Debt Diet could . help
. . Are You Being Tracked Online By admin June 22nd , 2011 Eduard Goodman Podcast Privacy No Comments As part of the CUNA Home Family Finance radio show Identity Theft 911 s Chief Privacy Officer Eduard Goodman spoke about online tracking . The good news New legislation may protect you . Click here to . listen Citibank : Hack Attack Twice as Big as We Thought By admin June 20th , 2011 Data Breach Hacking Viruses No Comments By Christopher Maag More than 360,000 Citibank customers had their private information hacked last month , nearly double the company’s original estimate according to a press release issued by the bank on . Wednesday The hackers accessed customers’ names , account numbers and email addresses . They did not get to see other information especially useful for committing
: . Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Score Q A : Paying Credit Card Balances in Full vs . Minimum Payments by Tom Quinn on 06 21 2011 A reader in New York City wants to understand if a sudden decision to pay off a high balance credit card in full versus paying the minimum balance owed each due date would appear suspicious” to the lender and hurt the credit score In short , the answer is . no Paying your credit obligations on time whether you pay the balance in full each month or only pay the minimum amount due—reflects positively on your credit score and shows you have a strong , solid history of paying as agreed . Generally speaking , paying the balances on your credit cards in full will have a more positive impact on your credit score
: , , Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Your Top Credit Questions : Old Debt , How Many Cards is Too Many , Late Spouse’s Debt by Gerri Detweiler on 06 21 2011 We receive a lot of questions here at Credit.com . I have chosen some of the questions that come up again and again to highlight in this series of . posts Q : 160 I’ve received a call or letter from a debt collector about a very old debt . What do I do If you get a call or letter about an old debt , the very first thing you want to do is to research your state’s statute of limitations . State law governs how long a debt collector may successfully sue you to collect . In most states , it runs between four and six years from the date you last made a payment on the . debt A debt that is too old is
: Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Woman : Bank of America Evicted Me for Following Bank’s Instructions by Christopher Maag on 06 20 2011 After instructing a California woman to miss her mortgage payments in order to qualify for a new loan , Bank of America foreclosed on the woman because she missed her mortgage payments . Annette Lake of Santa Clara was evicted from her home on May 24, and moved into her father’s . basement A Bank of America spokesperson defended the bank’s decision , saying it was based on a review of Lake’s . finances The ordeal began in 2008, according to the St . George News when Lake and her husband divorced . Soon she was diagnosed with breast cancer , and was laid off from her job because of chemotherapy treatments , which
: Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com The Durbin Amendment : Swipe Fees Impact On Credit and Credit Scores by Tom Quinn on 06 20 2011 The past year has seen quite a bit of focus and serious lobbying action in Washington regarding pending legislation under the Durbin amendment . 160 Among other things , this legislation affects the amount of money your bank receives from the retailer when you use your debit card to pay for the . transaction Many consumers may be surprised to discover that , for example , the supermarket doesn’t keep the entire 20 you just paid for your groceries when you use your debit card for the purchase . 160 The supermarket pays the bank a fee called a swipe fee each time you use a debit card to pay for a purchase 0.44 cents on
The US State Department has just relaxed the regulations for Libyan J1 students who are currently studying in the USA at college or university – and is permitting them to work full or part time, on or off campus. The temporary measure came into effect on June 10th and will run until the end of [...]